U.S. Supreme Court

Colorado National Bank v. Commissioner, 305 U.S. 23 (1938)

1. Whether a transfer was in contemplation of death held a question of fact as to which the decision of the Board of Tax Appeals, supported by substantial evidence, was conclusive. P. 305 U. S. 29.

There was evidence that the purpose of the transfer was to enable the donor to speculate upon the stock market for the remainder of his life more actively than he had in the past without fear that the part of his fortune transferred might be lost.

2. As to the meaning of the term "in contemplation of death," the Court adheres to what was said in United States v. Wells,283 U. S. 102. P. 305 U. S. 30.

The mere purpose to make provision for children after a donor's death is not enough conclusively to establish that action to that end was "in contemplation of death." Broadly speaking, thoughtful men habitually act with regard to ultimate death, but something more than this is required in order to show that conveyance comes within the ambit of the statute, Rev.Act of 1926, § 302(c).

95 F.2d 160 reversed.

Certiorari, 304 U.S. 556, to review a judgment upholding an estate tax assessment, and therein reversing a contrary decision of the Board of Tax Appeals.

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